- Uncertainties of the outcome of the SEC vs. Ripple case cause unsettlement among investors, with XRP consolidating around $1.05.
- The cross-border payments firm continues setting trends in technological developments, which could increase investor confidence in XRP.
In the past few days, Ripple Labs’ native token XRP has been trading around $1. Although with increased volatility, XRP investors are keen to observe the ongoing lawsuit filed by the SEC.
Earlier this week, the judge presiding over the SEC vs. Ripple lawsuit, granted the Amicus Curiae status to XRP holders. This allowed them to weigh in on the legal developments of the case. Ripple and the XRP community saw this as a step forward, bringing them closer to the end of the tussle.
However, many uncertainties still lie at the heart of the case. XRP holders are yet to receive a date on when their briefs are expected in court. Furthermore, Ripple filed a motion seeking an explanation from the SEC on how it applies Howie Test to XRP. The global remittance firm is also fighting back against striking of ‘fair notice’ defense. Additionally, the firm’s executives Brad Garlinghouse and Chris Larsen filed a motion to dismiss the case. The court is, nonetheless, yet to confirm the date for all these events.
Lately, Ripple filed an opposition against the regulator’s appeal for a telephone conference to further seek a protective order, relieving the SEC of any obligation to respond to the Requests for Admission (RFA). Other than asserting the RFA’s relevance, the defendant has accused the SEC of seeking disgorgement money from investment contracts it claims are “under the Howey test.”
Ripple advances developments in payments sector
But even in sight of all these setbacks, Ripple continues to further technological developments around the globe. These could potentially give XRP support and boost its appeal among investors and users.
Recently, Qatar National Bank (QNB) and RippleNet partnered to use the latter’s technology in facilitating fast and efficient cross-border payments. Ripple also partnered with Bhutan to pilot the nation’s central bank digital currency (CBDC).
Moreover, Ripple’s team is preparing for a preview of a major upgrade to the XRP Ledger (XRPL) technology. The Federated Sidechains technology is now being tested by developers on applications in DeFi, NFT, and interoperability sectors.
Furthermore, the firm has revealed a prototype of its Proof of Payments protocol (xPoP), one of its largest inventions yet. Ripple touted the technology as one that would authorize instant offline payments using a QR-code. The protocol’s success would pave the way for the possible mass adoption of Ripple’s digital payments.
XRP price action
XRP is one of the digital assets that speculative traders are bullish on. This is per a recent poll by digital asset investments company, CoinShares. Other assets sharing the stage with XRP were Cardano, Polkadot, Solana, and Terra’s LUNA.
Analysis indicates more bullish sentiments in the XRP market. Should this prevail, the digital asset may rise above the $1.13 mark, further proceeding to $1.20. Per our data, the price of XRP was 1.08 at writing time, 14.4 percent up week-over-week.